Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple CEO Tim Cook got 46% compensation bump to $12.8 million thanks to company's 2017 rebound

Apple CEO Tim Cook got 46% compensation bump to $12.8 million thanks to company's 2017 rebound

This news was followed by a report that stated that starting now, he will be using private jets for business and personal travel over security concerns.

Apple is now requiring CEO Tim Cook to fly a private plane for all travel business and personal.

"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO", the company wrote in the filing with the Securities and Exchange Commission. Due to slumping iPhone sales in 2016, Cook's pay was cut 15%.

Mr. Cook's total compensation for the fiscal year, which ended in September, jumped 47%-to $12.8 million-the largest bump among the five executives listed in Apple's annual proxy filing.

Likewise, Apple reported annual revenues of $229.23 billion in fiscal 2017, up from $215.64 billion in 2016, but less than the $233.72 billion in 2015.

Technically, that makes him Apple's lowest-compensated executive team member.

Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell. On top of that, he was awarded $3.06 million in salary, as well as $89.2 million in stock.

The tech mogul's pay included a $3.1 million base salary, along with $9.3 million in non-equity incentive pay and $440,374 in "other" payouts, the filing on Wednesday revealed.

And in November, Apple was forced to push out an update to fix a major security hole in its Mac operating system that made it possible to gain entry to a Mac without a password, and also have access to powerful administrator rights. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072. In August, Cook collected 560,000 shares when part of his 2011 mega-award vested because Apple outshined more than two-thirds of the S&P 500 over three years. The shareholder meeting will be held February 13, 2018, at the Steve Jobs Theater on Apple's new campus in Cupertino, Calif.

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